Joel Braver Acquires Multifamily Property In Bedford-Stuyvesant For $23.37M

Three multifamily properties located at 904 Bedford Avenue, 902 Bedford Avenue, and 908 Bedford Avenue in Bedford-Stuyvesant, Brooklyn have recently been sold in a transaction that closed on June 14, 2021. The buyer, Joel Braver, acquired the properties from seller Richard A Kaplin for a total price of $23,370,000.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $23,370,000
• Address: 904 Bedford Avenue, 902 Bedford Avenue & 908 Bedford Avenue, Bedford-Stuyvesant, Brooklyn
• Market: Bedford-Stuyvesant, Brooklyn
• Zoning: R7A

The three properties have a combined building square footage (BSF) of 24,000, resulting in a price per BSF of $973. The total lot size is 4,000 square feet, and the sale price per square foot (PPSF) is calculated to be $599 based on the total square footage (SF) of 39,000.

The previous sale of these properties took place on September 11, 2014, with a sale price of $28,600,000. On June 12, 2015, permits for alteration type 2 were issued for the properties.

It is important to note that the properties have a floor area ratio (FAR) of 6.50 and fall under tax class 2.

By acquiring these three multifamily properties in Bedford-Stuyvesant, Joel Braver has made a significant investment in the Brooklyn real estate market. The transaction demonstrates a strong interest in the area and highlights the demand for multifamily assets in this neighborhood.